London-based Global Student Accommodation (GSA) closed on a $500-million senior loan facility with Wells Fargo Bank. GSA said the refinancing transaction strengthens its existing relationship with Wells Fargo and signals the continued demand among lenders for the U.S. student housing sector.
The facility covers 23 assets in key university cities across 14 states. GSA entered the U.S. market in late 2020 and has grown its portfolio here to 43 properties across 32 cities.
“Over the past year, GSA has closed over $1 billion of financing facilities globally, enabling us to optimize our capital structure and recycle capital into value-add initiatives across our portfolio,” said John Jacobs, global head of capital markets at GSA. “This latest refinancing will facilitate both expansion within the U.S. market and an ongoing program of refurbishments. This includes initiatives to improve the energy efficiency of the portfolio and further support for students’ well-being.”
Pictured: Yugo Columbia Lofts in Columbia, SC.
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